Singapore Unveils New Payments Network to Streamline Digital Transactions
Singapore, Thursday, 26 June 2025.
The Singapore Payments Network (SPaN) launched by the MAS and ABS aims to consolidate governance of eight payment schemes, enhancing innovation and resilience by 2026 amidst digital payment growth.
The Advent of SPaN: Catalyzing a New Payment Era
Launched on June 26, 2025, the Singapore Payments Network (SPaN) stands as a strategic initiative by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS). As a not-for-profit entity, its mission is to streamline and strengthen the governance of Singapore’s eight national payment schemes. These include pivotal frameworks like FAST, GIRO, PayNow, and SGQR, which are indispensable to daily transactions for both individuals and businesses [1][2].
A Unified Approach to Payment Systems
SPaN’s establishment marks a pivotal advance toward consolidating the previously fragmented administration of Singapore’s payment schemes. By bringing entities such as the Singapore Clearing House Association, ABS, and MAS under one umbrella, this initiative is designed to enhance coordination and decision-making across the payment ecosystem. The entity is expected to be fully operational by 2026, promising a new era of improved financial inclusivity and efficiency [3][4].
Enhancing Innovation and Resilience
SPaN is not merely a regulatory body; it’s a catalyst for innovation in both domestic and cross-border payments. It will foster industry collaboration with a board comprised of MAS and prominent banking institutions like Citibank, DBS, and HSBC. Such collaboration aims to drive market responsiveness and the development of cutting-edge digital payment solutions, positioning Singapore as a leader in payment innovation [5][6].
Future Implications for Global Connectivity
Beyond local governance, SPaN is expected to elevate Singapore’s standing on the global stage by enhancing cross-border payment flows. With international integration as a key goal, the network anticipates fostering partnerships with global digital wallets and financial institutions. This move has the potential to transform Singapore into a global hub for payments, driving competitive advantages regionally and beyond [7][8].